OECD: U.S. will recover faster, Europe faces unemployment crisis

Pier Carlo Padoan, deputy secretary-general and chief economist, said the European Central Bank could investigate more non-conventional ways to promote growth.

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Growth in advanced economies should "strengthen gradually" from the middle of this year through to 2014

Greece, the first country to receive a bailout more than three years ago, is now in its sixth year of recession.

The OECD used the outlook to call for faster movement toward a full-fledged eurozone banking union

The global recovery is emerging, but it has two speeds: That of the stimulus-fed U.S. and that of the austerity-starved eurozone, according to a new report.

The Economic Outlook from the Organisation for Economic Cooperation and Development, released Wednesday, paints a picture of pain for some economies as major nations struggle to emerge from recession and unemployment in Europe soars to record levels.

The survey gives some ammunition to stimulus supporters with its projections showing the U.S. is emerging from the financial mire better than Europe, which is facing a new crisis of extreme youth unemployment.

Growth in advanced economies should "strengthen gradually" from the middle of this year through to 2014, the report found.

Writing in the report, Pier Carlo Padoan, deputy secretary-general and chief economist, said the European Central Bank could investigate more non-conventional ways to promote growth and the euro area needed to continue repairing deputy its banking system.